The bankruptcy of Genesis Global, a digital lender, has received court approval to pay billions in cryptocurrency and cash to creditors. Judge Sean Lane upheld the asset recovery plan, dismissing a legal challenge from parent company Digital Currency Group (DCG). 🏦

DCG, which owns shares of Genesis, will be last in line for Chapter 11 payments. Due to significant creditor claims, DCG's equity interest in Genesis has become virtually worthless.

Genesis is one of many cryptocurrency companies affected by the sharp market downturn in 2022. Since bankruptcy, Genesis has been trying to liquidate $1.6 billion in assets.

Judge Lane's decision is a blow to DCG, but Genesis' creditors have backed it. It is expected that creditors will be able to recover up to 77% of their funds.